Qualifying for a loan as a foreigner is no walk in the park. You have to fill out multiple forms and give your lenders all sorts of the document to prove your residence, income, and employment. Borrowing money from any lender in the past was impossible for foreigners. However, recent changes to the law have made it possible for foreigners living in Singapore to access lines of credit from Singapore lenders.
If your lender offers loans to foreigners, you typically need to have:
- A Foreign Identification Number
- An eligible visa
- Age 21 or older
- Minimum RM S$3,000 per month
- Employment pass
4 type of loans to be considered as a foreigner
Living in a foreign country can be challenging. But don’t let financial problems make your experience unbearable. Singapore lenders have provided you with an easy and flexible solution. As a foreigner, you can apply for four main types of loans.
|Unsecured Personal Loan||An unsecured personal loan isn’t backed by any collateral and can be used for almost any purpose. And while your interest rate will likely be fixed over the life of your loan, you may have to pay a higher interest rate than with a secured personal loan.||Up to
|Secured Personal Loan||A secured personal loan requires you to provide an asset as a guarantee- like your car or home. It protects the lender by allowing it to repossess and sell your asset to recoup its losses if you default on the loan.||Up to
|Payday Loan||With repayment terms of two or four weeks, payday loans are typically for smaller sums of money.||Up to
|Installment Loan||With a set number of payments over schedule periods of time, installment loans can last for a few months or more.||Up to
Student loans for foreigners
Whether it’s NUS, NTU or SMU, the opportunity to study in Singapore can open many doors. But if you can’t afford the cost of attending a university in Singapore, an international student loan may be able to help.
How do loans for foreigner’s work?
For lawful permanent and non-permanent residents, applying for a loan is the same process as for citizens. There are no higher costs or fees, through interest rates may vary. However, the process depends on the lender and type of loan you choose.
Are there restrictions for foreigners?
As a foreigner, you might run into the following roadblocks:
- If you don’t have a consistent credit history, you may be required to apply with a guarantor.
- If you’re a foreigner who will be in Singapore for a limited time, approval for a loan may be hard.
- If you’re not earning a comparatively high income, you may not be able to meet most lender’s eligibility requirements.
Getting a loan as a foreigner involves a lot of paperwork and time. But when you are in need of money, no matter what it’s for, there are options out there for you.